Personal loans

Interest rates and fees

Fair, risk-based interest rates

Personalised rates from 6.99%¹

Won’t affect your credit score

    Last updated - July 2020

    Interest rates

    At Harmoney, we’re 100% open and transparent about our rates and fees. Harmoney's interest rates range from 6.99% to 24.69% p.a.¹ .

    We assess your current financial circumstances and then assign you a rate, so you pay based on your individual circumstances, not everyone elses'.

    Get your rate

    If you're thinking about getting a personal loan you can check what interest rate will apply to you through our 100% accurate, online quote. You won't be charged an Establishment Fee until your loan is funded.

    Cost of borrowing

    To help you understand the total cost of interest over the term if your loan, you can download a detailed Excel or PDF showing the total cost of borrowing for a range of example loans.

    The documents include 3 and 5 year terms for loan rates and limits.

    Download xls
    Download pdf

    Loan calculator

    For a quick estimate of how much money you can borrow and what your repayments will be like you can use our personal loan calculator.


    Borrowers who maintain their regular repayments schedule will be charged no additional fees beyone the one-off Establishment Fee.

    Establishment fee

    Harmoney charges an up-front, one-off Establishment Fee of $200 for loans of below $5,000 or $450 for loans of $5,000 and above . The Establishment Fee is added to the approved loan amount. The Establishment Fee will be charged on the loan being advanced. These Establishment Fees also apply to Top Ups.

    Dishonour fee

    In the case where a repayment is dishonoured, a $15 fee will be charged to the account due to the additional administration required to re-process the payment. The fee will be due in the next payment.

    Overdue fee

    The Overdue Fee is charged if a payment is not made in full and the account goes into arrears. The fee payable is $20 on each of 6, 36, 66, 96, 120 days after the payment date, if the account remains outstanding. The fee will be payable on the next direct debit date.

    Legal fees

    If enforcement action is required against a borrower, any legal and associated third party costs incurred will be charged to the borrower account. The costs charged are due in the next payment.

    Harmoney is no longer offering loans for investment by retail lenders.

    Lender fees

    The information below is for Retail Lenders and applies to lending prior to 1 April 2020.

    Service Fee

    Lenders are charged a Service Fee of 1.25% p.a. of the principal and interest payments collected on each note. The service fee is deducted from repayments into the lender account. The fee is paid to Harmoney for managing borrower repayments and administering the account on behalf of lenders.

    Service Fees are charged on principal and interest when a loan is prepaid early by the borrower, even when that loan is an on platform re-write.

    NOTE: The Service fee will be replaced by a lender fee on all new lending from 13 June, 2016. All lending prior to 13 June, 2016 will continue to incur the Service Fee.

    Lender Fee (from 13 June, 2016)

    The Lender Fee will apply on all new lending from 13 June 2016. The Lender Fee is charged on gross interest received.

    The Lender Fee is tiered, based on how much principal outstanding a lender has on the Harmoney platform, and lenders will move up and down tiers as that amount changes. The applicable fee is applied on an individual loan basis, and is fixed at the time the lender invests in the loan (it does NOT change over the life of the loan regardless of whether the lender moves up or down tiers).

    Tier Outstanding Principal Lender Fee
    (% of Gross Interest)
    Tier 1 < $10,000 20%
    Tier 2 $10,000 - $49,999 17.5%
    Tier 3 $50,000 + 15%

    Payment Protect Fees

    The Payment Protect Fee is calculated as a percentage of the loan amount (including Establishment Fee), rounded to the nearest $25, for those customers who chose to take Payment Protect.

    If Payment Protect is taken out on a joint application, it must be taken out by both the primary borrower and the co-borrower; it cannot be taken out by only one party.

    Event Rebate Rule
    Rewrite The sales commission and management fee are rebated on a pro rata basis.
    Prepayment The unused portion of the management fee is rebated on a pro rata basis.
    Charge off The unused proportion of the management fee is rebated on a pro rata basis.
    Full Waiver The unused proportion of the management fee is rebated on a pro rata basis.
    The refund is calculation

    Payment Protect fee Refund = (p × s × (s + 1)) ÷ (t × ( t + 1))


    • "p" is the amount of the Payment Protect Fee
    • "s" is the number of whole months in the unexpired portion of the period for which the Plan applied
    • "t" is the number of whole months for which the Plan applied.

    Terms and conditions

    1. Subject to approval and funding. Harmoney’s interest rates range from 6.99% p.a. to 24.69% p.a. and are offered based on the individual borrower’s credit assessment according to Harmoney’s credit scorecard. In order to be approved and list your loan you must meet Harmoney’s credit criteria and responsible lending requirements. Fees, charges, terms and conditions apply. 99% of loan applications are funded within 24 hours of loans terms being accepted (based on loans submitted in 2018).

    2. Establishment fee of $200 for loans from $2,000 to below $5,000 and $450 for loans from $5,000 to $50,000. Fixed rates range from 6.99% p.a. to 24.69% p.a. on 36 to 60 month terms, with no early repayment penalties.